Used car sales rise as popularity of electric vehicles increases

author: FutureCar Staff    

The demand for electric vehicles (EVs) has contributed to a significant increase in used car sales, according to recent figures. The Society of Motor Manufacturers and Traders (SMMT) reported that between April and June, 1.83 million cars were sold in the UK, representing a 4.1% rise compared to the same period in 2022. This growth follows a similar year-on-year increase in the previous three months, which the SMMT attributes to the expanding new car market and improved availability.

One notable trend is the surge in sales of used battery electric cars, which saw an 81.8% year-on-year increase, accounting for 1.7% of the market with 31,000 transactions. However, despite the overall rise in used car sales, the total remains 9.9% below pre-pandemic levels.

Mike Hawes, CEO of the SMMT, expressed enthusiasm for the positive impact of the new car sector on the demand for used cars, particularly for electric vehicles. Hawes emphasized the need for a robust new car market and accessible charging infrastructure powered by affordable, sustainable energy to meet the growing interest in pre-owned EVs and contribute to environmental goals.

Alex Buttle, co-founder of Motorway.co.uk, a used car marketplace, noted the continued strength of used car sales in 2023. With reduced wait times for new cars, more individuals are selling their current vehicles to acquire the latest models. Consequently, the market has seen a steady supply of high-quality used cars, presenting attractive opportunities for savvy motorists.

In terms of specific models, the Ford Fiesta emerged as the best-selling used car in the UK between April and June, with 75,000 transactions. Notably, the manufacturer recently ceased production of the Fiesta at its Cologne factory in Germany to make way for increased EV production.

FutureCar Staff